Kopeks records net profit increase of RM1.26 mln

KOTA KINABALU: The Sabah Government Employees Cooperative Berhad (Kopeks) recorded a net profit increase of RM1.26 million in 2017 as compared to RM598,273 last year.

Kopeks chairperson, Datuk Maznah Abdul Ghani said although 2017 showed a less favourable economy, Kopeks was still able to garner a high income of 111.83 percent.

“Last year, Kopeks posted a loan disbursement of RM16.25 million compared to RM10.92 million in 2016. The total revenue for 2017 was RM13.32 million compared to RM13.13 million in the previous year,” she disclosed in her speech at the 438th Kopeks’ Annual General Meeting (AGM) 2018 held here yesterday.

Maznah said that given its continued business profitability from 2009 to 2017, Kopeks has managed to record a total cumulative profit of RM26.8 million.

She said that from the profit, Kopeks had managed to eliminate the accumulated loss of RM24 million experienced before 2005.

“For 2017, a total of RM871, 899 in current profits can be distributed and the positive cumulative recoverable balance is RM106,900. Kopeks also takes good care of its members since the inception of the cooperative in 2009 until last year, with a total of 278 members having benefited from the funeral fund amounting to RM786, 000,” she added.

Maznah said, since 2009, Kopeks has also issued a total of RM259 million in loans to its members, including RM11.7 million in 2018.

“I also hope the government can consider to give a piece of land as a site for Kopeks to build its own headquarters building as a centre for its activities,” she added.